US president Donald Trump has ordered levy of import tariffs on Chinese imports worth $50 billion. Trump also proposed new investment restrictions on Chinese companies alleging theft of intellectual property rights. Trump had blamed China for the $500 bn US trade deficit and directed his officials to register a WTO complaint against China for discriminatory licensing practices. Business groups like Walmart and Amazon, however, warned of rising consumer prices. US Federal Reserve and the Bank of England also sounded caution on rising protectionist world trade policies and its negative impact. China’s ministry of commerce warned of impending retaliatory measures in areas of automobile imports, soyabean and aircraft. It said the impact of US tariffs on China GDP will be just a fraction of a percent.